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Nov 22 - 06:55 AM

EUR/USD - There Will Soon Be Lots More Room For EUR/USD To Drop

By Jeremy Boulton  —  Nov 22 - 04:44 AM
  • EUR/USD is consolidating a rapid drop but remains heavy

  • Consolidation occurring close to base of the decline (bearish)

  • Recoveries amount to circa 23.6% drop from Oct's 1.1690 peak

  • Rebound followed drop below base 20-day Bollinger bands

  • Base 20-day Bollinger bands now dropping steeply

  • Base currently 1.1248 vs 2021 low at 1.1250

  • Base was 1.1545 on Nov 9, steep drop will allow for deeper decline

  • A Nov close under monthly Ichimoku cloud open big downside scope



EURUSD Click here

EURUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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